Elon Musk forecloses on $13 million home after generous loan fails

Elon Musk has reportedly begun foreclosure proceedings on a former movie star’s home in Bel Air, California, which a couple bought with the help of a loan from him.

The 2,750-square-foot home, which was home to actor Gene Wilder from 1976 to 2007, was hit with a foreclosure notice late last month, According to the Wall Street JournalThe tech billionaire is said to have used an entity to do this.

The Los Angeles County Department of Consumer and Business Affairs explains on its website that foreclosures technically begin with a notice of default and that such a notice “tells you the total amount you owe including missed payments and foreclosure fees.”

The newspaper reported that the current owners, Wilder’s nephew Jordan Walker Perlman and his wife, are no longer able to repay a $6.7 million loan that Musk gave them four years ago due to the Hollywood strikes in 2023.

Kenneth Cole and Maria Cuomo List Their Estate for $22 Million

The loan helped the couple get the means to cover the $7 million they paid Musk to become the new owners of the property in 2020, according to the newspaper. Musk had owned the property since 2013.

Tesla CEO Elon Musk speaks to members of the media during the AI ​​Safety Summit at Bletchley Park in Bletchley, Britain on November 1, 2023. (Leon Neal/Pool via Reuters/File photo/Reuters Photos)

See also  Asian stocks rose as talks between Russia and Ukraine boosted sentiment

Walker Perlman told the Wall Street Journal that Musk was not “aggressive or harsh” in filing the default notice, adding: “Elon gave us a magical opportunity. I have no complaints.”

Under the notice of default, Musk reportedly has the right to pursue a forced sale after 90 days. Musk’s nephew told the Wall Street Journal that Musk’s companies have indicated that this is not in their plans.

The couple recently put the home on the market. The current asking price is $12.95 million, according to the listing with Westside Estate Agency.

The asking price for the home was set at $12.95 million. (Google Maps / Google Maps)

“This is probably the closing of a very unique and beautiful chapter in our lives,” Walker-Pearlman told The Journal. “I’m not upset at all.”

Illinois mansion on Lake Michigan shores is asking $35 million

FOX Business has reached out to Tesla for comment from Musk about the home.

The listing on the site said Wilder’s home “represents a rare opportunity to own a piece of Hollywood history while enjoying the prestige and serenity that Bel Air living provides.”

Under the notice of default, Musk reportedly has the option to pursue a forced sale after a 90-day period. (Ivan Agostini/Getty Images/Getty Images)

There are four bedrooms and four bathrooms.

According to the listing, the home’s interior is filled with “original wood ceilings, warm fireplaces and an open layout that maximizes natural light.” It also offers entertaining spaces such as a circular bar inside.

Former Olympic gold medalist Shaun White gets more than $3.9 million for his Los Angeles home

The total property consists of 0.78 acres with multiple outdoor seating areas and a swimming pool.

In Bel Air, the median asking price for a home in July was $7.9 million, according to Realtor.com. The median sale price was $4.2 million.